As per the report titled ‘GLOBAL ELECTRIC VEHICLE POLYMERS MARKET 2019-2028’, available with MarketStudyReport, global electric vehicle polymers market is anticipated to register a year-over-year growth rate of 30.84% throughout the forecast period 2019-2028.

Global electric vehicle polymers market is witnessing an uptick due to surging product demand for high-performing polymers in EVs, and emergence of various policies and incentives to encourage the adoption of EVs.

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Moreover, application of plastic fuel tanks in extended-range electric vehicles is anticipated to present new revenue-generation opportunities in the forthcoming years. However, volatility in raw material prices and lack of adequate charging infrastructure may negatively impact the industry growth in the ensuing years.

Considering polymer type, the market is divided into engineering plastics (acrylonitrile butadiene styrene, polycarbonate, polyamide, polypropylene, polyurethane, polyvinyl chloride, polyethylene, polymethyl methacrylate, others), elastomers (rubber, silicone elastomer, fluoroelastomer, others), and other polymer types. Moving on to application, the market is divided into internal, external, and powertrain.

With respect to the geographical segmentation, the global electric vehicle polymers market report covers North America (U.S., Canada), Europe (U.K, Germany, Russia, Italy, Spain, Rest of Europe), Asia Pacific (India, China, Japan, Australia & New Zealand, ASEAN countries, Rest of APAC), Latin America (Mexico, Brazil, Rest of LATAM), and Middle East & Africa (UAE, Turkey, Saudi Arabia, Rest of MEA).

Asia Pacific currently captures majority of the industry share and is anticipated to garner strong returns through 2028 due to innovations and adoption of high-performance EVs across Japan, China, and South Korea. Strict regulations regarding CO2 emissions along with subsidies for hybrid and fully electric vehicles are adding considerable momentum to the industry growth. Increasing launches of plug-in hybrid variants of existing internal combustion engines by several leading manufacturers is also enhancing the market remuneration potential in APAC.

LG Chem Ltd., Lanxess AG, JSR Corp., Evonik Industries AG, Elkem ASA, DuPont De Nemours Inc., Daikin Industries Ltd., Covestro AG, Sinopec Group, Celanese Corp., BASF SE, Asahi Kasei Corp., Arkema S.A, and AGC Chemicals America Inc are among the major players influencing global electric vehicle polymers industry trends.